Direct tax collection has increased by 182% in 10 years and tripled on average. Tax collection in FY 2023-24 was Rs.19.60 lakh crore. In comparison, in the financial year 2014-15 Rs. 6.95 lakh crore tax collection was done. According to a report by the Income Tax Department, the personal income tax has increased the most during the last decade.
Personal income tax collection was Rs.2.65 lakh crore in 2014-15 which has increased by 294.3% to Rs.10.45 lakh crore in 2014-25 which is more than corporate tax collection. Last financial year Rs. 9.11 lakh crore was. Corporate tax collection in 2014-15 was Rs. 4.28 lakh crore was. In this case there was an increase of 112.85%. Meanwhile, the tax to GDP ratio has increased from 5.55% to 6.64%.
Total tax returns also more than doubled: A total of 8.61 crore tax returns were filed in the financial year 23-24 that ended in March this year. In comparison, in 2014-15 only Rs. 4.04 crore tax returns were filed. During this period the personal income tax returns of Rs. 3.74 crore to Rs. 8.13 crore has been done.
10.41 crore taxpayers in the country now: In the last financial year, the total number of taxpayers in the country increased to 10.41 crore. This is double the number compared to 2014-15 when there were only 5.70 crore taxpayers.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
